Your calculations seem logical, so I defer to all who know the ins and outs of the tax code to comment on that. Safe to say Vermillion IS “getting rich” off this or they wouldn’t be proposing it. It’d also be interesting to know how the city has gotten in the way of other proposals for the property and where the favoritism comes from. This reminds me of your documenting how the city “negotiated” against its (rather the citizens’) best interests with the new NU stadium. As always, many thanks for digging into these arcana.
Is Vermillion donating to the Biss campaign for Congress? He puts developers and NU before the residents of Evanston. He doesn’t have a clue about budgets. And now we will be hit with, surprise, a property tax increase of over 13% after several years of NU padding our budget with building permit fees.
i'm not sure where you came up with the 30 million figure or did you just ballpark it to illustrate the process? The assessor is going to input a few numbers into the model and produce the valuation, which I suppose could then be appealed, which is just the pretend part of the "fair" process. It would be also unclear how many school age residents would reside in the building, no one knows, but likely not many given the location. Excellent article
I bet Evanston has the highest proportion of its population in the State that can run the Assessor's PTAXSIM software. It runs on the widely-used, free, and open-source, R platform and, actually they have some really helpful tutorials: https://ccao-data.github.io/ptaxsim/articles/tax_rates.html
Yes, you probably need to have some familiarity with R to take advantage of the tutorials, but I am a natural scientist and was able to work through their tutorials with ease.
Kreigi has done wonders to improve transparency with posting this stuff online for anyone to use.
I have nothing against PTAXSIM, it was pretty fun to run it myself. But we can't expect citizens to know how to use R in order to understand how their taxes work!
Your calculations seem logical, so I defer to all who know the ins and outs of the tax code to comment on that. Safe to say Vermillion IS “getting rich” off this or they wouldn’t be proposing it. It’d also be interesting to know how the city has gotten in the way of other proposals for the property and where the favoritism comes from. This reminds me of your documenting how the city “negotiated” against its (rather the citizens’) best interests with the new NU stadium. As always, many thanks for digging into these arcana.
Is Vermillion donating to the Biss campaign for Congress? He puts developers and NU before the residents of Evanston. He doesn’t have a clue about budgets. And now we will be hit with, surprise, a property tax increase of over 13% after several years of NU padding our budget with building permit fees.
No donations I have seen
i'm not sure where you came up with the 30 million figure or did you just ballpark it to illustrate the process? The assessor is going to input a few numbers into the model and produce the valuation, which I suppose could then be appealed, which is just the pretend part of the "fair" process. It would be also unclear how many school age residents would reside in the building, no one knows, but likely not many given the location. Excellent article
They had this ballpark $30m in one of the city documents. I’ll dig it up tomorrow and post here. It was technically $31m I think.
I bet Evanston has the highest proportion of its population in the State that can run the Assessor's PTAXSIM software. It runs on the widely-used, free, and open-source, R platform and, actually they have some really helpful tutorials: https://ccao-data.github.io/ptaxsim/articles/tax_rates.html
Yes, you probably need to have some familiarity with R to take advantage of the tutorials, but I am a natural scientist and was able to work through their tutorials with ease.
Kreigi has done wonders to improve transparency with posting this stuff online for anyone to use.
I have nothing against PTAXSIM, it was pretty fun to run it myself. But we can't expect citizens to know how to use R in order to understand how their taxes work!